Unlocked XRP Tokens Could Impact Prices
Analysis of recent on-chain data shows that Ripple unlocked 500 million XRP tokens on May 1. This monthly event has raised concerns about the potential impact on the XRP price, especially considering the accusations against Ripple for manipulating the token’s price.
Ripple’s Escrow Unlock
500 million XRP tokens were recently unlocked from Ripple’s escrow account, a slightly lower amount than the usual 1 billion tokens per month. The sheer volume of these tokens has the potential to affect the XRP price negatively if dumped on the market.
- Ripple sent 300 million XRP to an escrowed account
- The remaining 200 million XRP tokens were sent to another wallet
Allocation of Tokens
Ripple also received 500 million XRP tokens from an unknown wallet, which were promptly sent to an escrow account. This move may have provided some relief to the XRP community as most of the tokens sent to Ripple have been secured in escrow.
- 500 million XRP tokens unlocked from Ripple’s escrow
- 300 million XRP sent to an escrowed account (2Not4co2op)
- 200 million XRP sent to another wallet (4vt5x1o91m)
Concerns of Ripple Dumping Tokens
After the recent token unlock, discussions have resurfaced about Ripple’s alleged dumping of XRP tokens on the market. Questions regarding the influence of Ripple’s XRP sales on the token’s price have been ongoing, with some accusing Ripple of intentionally suppressing the altcoin’s value.
- Reignition of talks about Ripple’s dumping practices
- Debate on whether Ripple’s sales impact XRP’s price
Ripple’s Response
Ripple has maintained that its XRP sales do not affect the token’s market price, citing the discontinuation of programmatic sales as evidence. The firm undergoes institutional sales over the counter to comply with securities laws and mitigate any potential impacts on crypto exchanges.
- Ripple’s denial of XRP price influence from sales
- Discontinued programmatic sales to prevent market impacts
XRP Price Action
Despite the ongoing discussions, XRP is currently trading at around $0.5, marking a 2% increase in the last 24 hours. This stability could indicate some confidence in the token’s value amidst the scrutiny and debates surrounding Ripple’s practices.
Hot Take: Ripple’s XRP Sales in Focus
As the crypto community continues to observe Ripple’s monthly XR unlocking and sales, questions and concerns about the impact on XRP’s value persist. While Ripple denies any influence on market prices from its sales, the ongoing discussions highlight the complex relationship between the firm’s practices and the token’s performance.
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